There are many benefits to building software and then selling it. Upfront costs, including the development of the software, can be pretty high. However, the cost of selling your product once you’ve made it is relatively low. Delivering the finished product to the customer costs very little. One critical requirement is that you need to have a good grasp of the programming side of things. A friend or relative in the know would be a possible alternative, as long as they don’t want to charge too much for their services.
It’s also crucial that you create software that people want to buy. Ideally, it needs to be software that’s unique, better than anything else that’s currently available, or at the very least, much cheaper. There’s already a massive amount of software out there, but there are still some niches you can explore and problems no one has found the answer for. Figure out what these are, and you could be on to a winner. Bear in mind that it could take some time for the development side of your project, which makes it vital you do plenty of research beforehand to make sure there’s a market for your product. If you’re interested in reducing the amount of work, you might want to consider buying some software and making improvements or using open-source software. If you think this is a good option, make sure you check whether there are any restrictions. Spending a lot of time creating something you can’t sell would be devastating. App development is another similar option. Creating games or apps can be a very lucrative idea. One guy who made a great success of his SaaS business is Neil Patel.
Level of expertise: Beginner, intermediate, expert
Requirements: Know how to code or have a friend or relative who can do it for you, get clients to use the software
Time: More than one year to start making some money
Tools: Hosting, domain
Income Potential: $50-$100,000/month
